$EC

ECOPETROL S.A.

CIK:0001444406|SEC Filings

Consolidated statement of profit or loss - COP ($) $ in Billions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Consolidated statement of profit or loss
Sales	$ 119,694	$ 133,330	$ 143,189
Cost of sales	(82,057)	(86,481)	(88,178)
Gross profit	37,637	46,849	55,011
Administrative expenses	(5,024)	(5,103)	(5,026)
Operations and project expenses	(5,321)	(5,648)	(5,702)
Impairment recovery (loss) of long-term non-monetary assets	23	867	(2,098)
Other operating (expense) income	(636)	1,497	(426)
Operating income	26,679	38,462	41,759
Financial results
Finance income	2,094	1,748	2,321
Finance expenses	(10,781)	(10,319)	(10,384)
Foreign exchange gain (loss)	159	52	2,398
Total financial result	(8,528)	(8,519)	(5,665)
Share of profits of associates and joint ventures	710	764	805
Profit before income tax expense	18,861	30,707	36,899
Income tax expense	(4,417)	(12,208)	(11,516)
Net profit for the year	14,444	18,499	25,383
Net profit for the year attributable to:
Owners of parent	10,488	13,841	21,061
Non-controlling interest	3,956	4,658	4,322
Net profit for the year	$ 14,444	$ 18,499	$ 25,383
Basic earnings per share (Colombian pesos per share)	$ 255.1	$ 336.6	$ 512.2
Diluted earnings per share (Colombian pesos per share)	$ 255.1	$ 336.6	$ 512.2

Consolidated statement of cash flows - COP ($) $ in Billions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flow from operating activities:
Net profit for the year	$ 14,444	$ 18,499	$ 25,383
Adjustments to reconcile the net profit to net cash provided by operating activities:
Income tax expense	4,417	12,208	11,516
Depreciation, depletion, and amortization	16,107	15,197	13,812
Foreign exchange gain	(159)	(52)	(2,398)
Finance cost of loans and borrowings	7,604	7,377	6,924
Finance cost of post-employment benefits and abandonment costs	2,556	2,466	2,197
Write off exploratory assets and dry wells	717	1,108	1,472
(Gain) loss on disposal of non-current assets	(32)	50	(143)
Profit on business combinations	0	(1,699)	0
Profit on reversal of fields	0	(28)	0
Impairment (recovery) loss of non-current assets	(23)	(867)	2,098
Impairment loss of current assets	346	262	96
Gain on fair value adjustment of financial assets and interest	(1,486)	(1,675)	(1,972)
(Gain) loss on hedging transactions with derivatives	(2)	26	2
Share of profit of associates and joint ventures	(710)	(764)	(805)
Loss on the sale of assets held for sale	1	21	20
Hedge ineffectiveness	14	7	25
Realized (gain) loss on foreign exchange cash flow hedges	(150)	239	480
Movements in provisions	195	311	853
Net change in operational assets and liabilities:
Trade and other receivables	296	9,052	(20,439)
Inventories	897	533	808
Trade and other payables	(1,290)	(1,277)	507
Tax assets and liabilities	(334)	(1,999)	(5,855)
Provisions for employee benefits	(549)	(496)	(178)
Provisions and contingencies	(827)	(1,061)	(1,169)
Other assets and liabilities	339	(2,092)	(601)
Income tax paid	(9,029)	(10,219)	(12,832)
Net cash provided by operating activities	33,342	45,127	19,801
Cash flow from investing activities:
Investment in joint ventures	(6)	(20)	(1)
Acquisition of subsidiaries, net of cash acquired	(65)	(158)	0
Consideration paid in business combination, net of cash and cash equivalents	(301)	0	0
Consideration paid for the acquisition of assets	(1,109)	(880)	0
Investment in property, plant, and equipment	(9,773)	(9,521)	(9,350)
Investment in natural and environmental resources	(10,552)	(10,541)	(13,964)
Acquisitions of intangibles	(502)	(866)	(776)
Proceeds from sales of other financial assets	2,265	(2,455)	976
Interests received	1,246	1,627	1,884
Dividends received	772	425	482
Proceeds from sales of assets	113	355	729
Net cash used in investment activities	(17,912)	(22,034)	(20,020)
Cash flow from financing activities:
Proceeds from loans and borrowings	18,402	27,155	34,035
Repayment of loans and borrowings	(15,192)	(26,158)	(21,660)
Interest payments	(8,199)	(7,526)	(6,582)
Lease payments	(641)	(563)	(533)
Payment of restitution of equity to minority shareholders	(18)	(30)	(44)
Dividends paid	(11,717)	(15,565)	(5,571)
Net cash used in financing activities	(17,365)	(22,687)	(355)
Exchange difference in cash and cash equivalents	(1,425)	1,312	(2,491)
Net increase (decrease) in cash and cash equivalents	(3,360)	1,718	(3,065)
Cash and cash equivalents at the beginning of the year	14,054	12,336	15,401
Cash and cash equivalent at the end of the year	$ 10,694	$ 14,054	$ 12,336

Consolidated statement of financial position - COP ($) $ in Billions	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 10,694	$ 14,054
Trade and other receivables	14,880	20,426
Inventories	8,609	10,028
Other financial assets	1,838	851
Current tax assets	14,514	11,455
Other assets	2,910	3,845
Total current assets	53,445	60,659
Non-current assets
Trade and other receivables	35,130	32,136
Other financial assets	1,458	4,389
Investment in associates and joint ventures	8,048	8,652
Property, plant, and equipment	106,104	107,455
Natural and environmental resources	48,407	47,666
Right-of-use assets	994	980
Intangible assets	14,041	16,413
Non-current tax assets	8,069	12,908
Goodwill	4,832	5,146
Other assets	1,692	1,837
Total non-current assets	228,775	237,582
Total assets	282,220	298,241
Current liabilities
Loans and borrowings	10,080	11,288
Trade and other payables	15,759	19,302
Provisions for employee benefits	3,481	3,369
Current tax liabilities	2,368	2,769
Accrued liabilities and provisions	1,647	1,620
Other liabilities	1,179	1,286
Total current liabilities	34,514	39,634
Non-current liabilities
Loans and borrowings	99,120	108,677
Provisions for employee benefits	10,472	14,008
Non-current tax liabilities	14,808	14,929
Accrued liabilities and provisions	14,801	12,736
Other liabilities	1,766	2,344
Total non-current liabilities	140,967	152,694
Total liabilities	175,481	192,328
Equity
Subscribed and paid in capital	25,040	25,040
Additional paid in capital	6,608	6,608
Reserves	30,292	24,156
Accumulated other comprehensive income	11,752	11,912
Retained earnings	7,691	12,138
Equity attributable to owners of parent	81,383	79,854
Non controlling interest	25,356	26,059
Total equity	106,739	105,913
Total liabilities and equity	$ 282,220	$ 298,241